Licence Renewals

Published on 22 January, 2020 - Brokerage Standards Manual
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The information in this chapter covers licensing topics that relate to the ongoing licensing of a brokerage. Licensing information on the procedure to apply for licensing under RESA as a brokerage or an individual can be found in the Real Estate Licensing Guidelines.

Renewal of Licence

Licensees will receive an email from RECBC approximately eight weeks before their licence expiry date notifying them that their licence renewal application is due. The email includes instructions for renewing their licence online.

Brokerages, branch offices, and sole proprietors will receive renewal notices by mail approximately eight weeks before their renewal due date.

Licensees must submit a completed renewal application to RECBC’s office 30 days prior to a licence expiry. It is the responsibility of the licensee, or, in the case of a brokerage, the managing broker, to ensure that licences are properly renewed. Failure to receive a renewal notice does not diminish this responsibility.

Licensees must include the appropriate fee with their completed licence renewal application. The licence renewal fee includes the:

  • Real Estate Council of BC licensing fee,
  • Errors and Omissions Insurance assessment, and
  • Superintendent of Real Estate assessment.

Renewal of Brokerage Licence

When renewing a brokerage licence, brokerages should:

  • confirm with the B.C. Corporate Registry that their corporation is in good standing;
  • record the date of the last annual report filing made by the brokerage and accurately report this information on the renewal application form
  • submit the licensing fee, including an errors and omissions insurance assessment, along with the completed renewal application form.

Branch offices are not required to pay an errors and omissions insurance assessment upon renewal.

Current information on licence renewal fees and assessments is available on the Fees page.

 

Waiver of Assessment for Certain Categories of Licences

The Real Estate Errors and Omissions Insurance Corporation  — will open in a new tab adopted a policy of assessing both corporations and natural persons one insurance premium, regardless of the number of licences held. As a result of this policy, corporate brokerages do not pay an additional assessment for each licensed branch office. Similarly, natural persons will only pay one insurance assessment, regardless of the number of licences they hold.An assessment for the Real Estate Special Compensation Fund is applied to both brokerages and individuals. Multiple managing brokers, who are licensed with two separate, affiliated companies, are assessed a separate compensation fund assessment for each licence. However, managing brokers who are licensed with two offices of the same brokerage (i.e. head office and branch office) are only required to pay the compensation fund assessment once, with their first managing broker licence.

Refund of Licensing Fees

Licensing fees and the compensation fund assessment paid for licences are not refundable. Requests for refund of the 2nd year errors and omissions insurance assessment should be directed to:Real Estate Errors and Omissions Insurance Corporation
Suite 1604 – 700 West Pender Street
Vancouver, B.C. V6C 1G8
Tel: 604-669-0019 Fax: 604-669- 0021

Continuing Education

The Continuing Education requires licensees to complete prescribed education requirements every two-year licensing cycle, as a condition of continued licensing. Licensees who do not complete the Continuing Education requirements before their licence renewal date will not be able to renew their real estate licence and, therefore, will not be able to provide real estate services in the province.
Please be aware that if the managing broker does not complete the Continuing Education requirements, the brokerage licence may be at risk.
More detailed information about continuing education is available on RECBC’s website at www.recbc.ca.

Continuation of Licenses During Renewal Application

If a licensee has applied for a renewal of a licence no later than 30 days before the end of the current licence term, the licence continues to be in effect beyond the end of its term until RECBC notifies the licensee of its decision with respect to the application, as provided by section 2-13 of the Rules.

Refusal to Renew a Licence

In the event that RECBC refuses to renew a licence, section 13(4) of RESA requires RECBC to give the licensee written notice of the refusal and the reason for it and advise a licensee of their right to appeal. Section 54 of RESA provides that appeals of such decisions are made to the Financial Services Tribunal.

Inoperative Licences

Under section 22 of RESA, a licence automatically becomes inoperative if the licensee ceases to be engaged as a managing broker, an associate broker or as a representative by the brokerage to which the person is licensed.

Additionally, if a brokerage licence becomes inoperative or is suspended or cancelled, section 23 of RESA provides that the licence of any related licensee becomes inoperative effective as of the time at which the brokerage licence becomes inoperative or is suspended or cancelled.

Under section 2-16 of the Rules, a licensee may voluntarily surrender their licence to RECBC, in which case it becomes inoperative unless and until it is reinstated by RECBC prior to the end of its term.

A person whose licence becomes inoperative must immediately cease to hold themselves out as a licensee and must surrender the licence to RECBC. If the licence is held by the brokerage, the brokerage must immediately surrender the licence to RECBC.